S&P cuts Walgreen's

Standard & Poor's said it lowered its corporate credit and long-term debt ratings on Walgreen Co. to A from A+, and removed them from Creditwatch where they were placed with negative implications on Feb. 18.

The agency said that its short-term credit rating remains unchanged at A-1.

"The rating action reflects its opinion that Walgreen's financial policy is becoming more aggressive, and that its credit measures will not improve to the levels previously expected, because of costs and leases related to the Duane Reade acquisition," said S&P credit analyst Ana Lai.

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